Explanatory Notes
BIMCO members have access to the supporting explanatory notes.
Refund guarantees are an integral part of a shipbuilding project. Whilst they are not part of the shipbuilding contract as such, it is unlikely that any ship building contract would be signed if there was no such guarantee for the buyer.
The refund guarantee is often regarded as the “financial cornerstone” of a shipbuilding project.
Copyright in the BIMCO Refund Guarantee for Shipbuilding Contracts is held by BIMCO.